Chuangxin Industries Holdings (2788) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 23.2% YoY to RMB18,680.6m; profit attributable to owners increased 32.8% to RMB2,730.8m, while total gross margin fell 3.4 percentage points to 24.8%.

• Growth reflected higher aluminum selling prices and increased alumina volumes; alumina margin contracted sharply as selling prices declined. Capacity expansion, green-energy investment and a 500,000-ton Saudi project underpin the growth strategy.

Financial highlights

• Revenue was RMB18,680.6m, up 23.2% YoY; gross profit was RMB4,624.6m versus RMB4,276.5m in 2024.

• Profit before tax was RMB3,480.9m versus RMB3,280.9m; profit for the year was RMB2,919.1m, up 11.0%, and attributable profit was RMB2,730.8m, up 32.8%.

• Basic EPS was RMB1.75 versus RMB1.37; a final dividend of HK$0.77 per share, totaling HK$1,597.8m, was recommended subject to shareholder approval.

• Cost of sales rose 29.1% to RMB14,055.9m; gross margin declined to 24.8% from 28.2%.

Outlook and guidance

• Plans prioritize wind and solar power, overseas expansion, digital and production upgrades, and extending the value chain upstream to secure raw materials and mitigate cost pressure.

• Saudi integrated aluminum project has 500,000 tons annual capacity; construction is expected to progress in 2026, with an estimated 12–18-month construction period.

• Completion of alumina capacity expansion is expected to bring total annual alumina production capacity to at least 3m tons; current alumina and electricity self-sufficiency covers production and operations.

• Completing planned wind and solar projects would raise green energy use above 50% of installed capacity; 750 MW of wind and solar capacity was completed by year-end 2025.